1. The Field of the Invention
The invention generally relates to modeling business transactions and business management tasks. More specifically, the invention relates to creating machine readable code describing business transactions that can be used by IT systems to facilitate business management tasks.
2. Description of the Related Art
Modern business includes two very important aspects, namely business management and IT. Business management includes the day to day activities oz performed to successfully operate the business. For example, business management may include advertising, sales, negotiations and making contracts, fulfilling contractual obligations, managing obligations owed to the business by other parties and the like. Some business interactions result in residual obligations once undertaken. For example, entering into a binding contract results in residual obligations that must be performed by a party entering into a contract. These obligations may be defined explicitly in the contract or exist by operation of law. There is a need in business management to ensure that obligations are met. Management tasks such as tracking tasks, generating performance indicators and the like should be performed to ensure that obligations are met.
IT has previously heretofore been a useful tool for businesses performing business functions. For example, IT can be used to draft contracts, transmit contracts to opposing parties, negotiate with opposing parties, confirm obligations, manage inventory, perform marketing tasks and the like. IT may also be used to track tasks and generate performance indicators.
Business management and IT are typically interfaced on an ad hoc (for a specific purpose) basis. Specifically, typically the needs of a particular business are evaluated and IT is designed and implemented to meet those particular needs. Thus, often when a business seeks to expand or generate new sources of revenue, additional IT must be developed and implemented to perform new functions. This can be expensive and time consuming so as to negate at least a portion of any competitive advantage realized by expanding or generating new sources of revenue.
Therefore, it would be useful to implement an IT system that can generate and perform management tasks based on input of data related to business interactions.